Slides
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1 2025 ANNUAL GENERAL MEETING PLATO INCOME MAXIMISER LIMITED ASX: PL8 18 November 2025 For personal use only
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2 Agenda 02 Formal Business 03 Investment Manager Update 04 Questions 01 Chairman’s Address For personal use only
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3 Chairman’s Address Mr Jonathan TrollipFor personal use only
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4 PL8 Overview PLATO INCOME MAXIMISER LIMITED Ticker: PL8 Listing date: 5 May 2017 Net Assets*: $891m First Australian Listed Investment Company (LIC) paying monthly fully-franked dividends Based on the investment strategy of the Plato Australian Shares Income Fund Designed specifically with retiree investors in mind (pension phase superannuation or low tax individual) *based on $1.190 pre-tax NTA on 31 October 2025 For personal use only
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5 Performance 1 Past performance is not a reliable indicator of future performance. Portfolio Performance is quoted in AUD net of portfolio r elated fees, costs and taxes. Total return includes franking credits and special dividends. 2 Calculated as monthly and special dividends paid to shareholders (including franking credits) divided by average month-end share price since inception date. 3 Change in the share price adjusted for any dividends paid during the period. It does not include any impact shareholders received from owning options issued as part of the IPO. 4 28 April 2017 for inception date; 5 May 2017 for ASX listing date. 5 TSR excludes the benefit of franking credits, assisting to explain the difference to portfolio performance which includes franking. Performance 30 June 2025 31 October 2025 Portfolio Performance1 (total return since inception4) 10.3% p.a. 10.7% p.a. Distributed Dividends2 (paid to shareholders since inception4) 7.6% p.a. 7.6% p.a. TSR Performance3,5 (since listing date4) 8.5% p.a. 8.7% p.a. For personal use only
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6 Dividend Update MONTHLY DIVIDENDS STABLE AT $0.0055 PER SHARE1 1 The chart refers only to the monthly PL8 dividends. PL8 has paid two special dividends that are not included in the above chart: 1) $0.03 per share in May 2019 and 2) $0.0055 in May 2022 Source: Plato. The declaration of dividends by the Company is at the full discretion of the board (unlike trusts where, typically, income must be fully distributed each financial year). For personal use only
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7 Growth and Distributed Dividends SINCE INCEPTION RETURN DRIVERS 1.Pre-t ax NTA per share values are shown as at the dates noted. IPO pre-tax NTA is net of IPO share issue costs. Dividend and franking credit values represent the cumulative amount of distributed dividends paid to shareholders by the Company during the period from IPO through to each period end date. • Looking back since the IPO of the Company to t oday: • Pre-t ax NTA is higher over the period, representing capital growth particularly over the last 18 months • Distributed dividends paid to shareholders ( plus franking credits) have been the primary driver of returns over the period, highlighting the importance of income (and franking) in generating total shareholder returns For personal use only
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8 Source: Plato, IRESS. Past performance is illustrative only and not indicative of future performance. Share price trades at a premium to NTA For personal use only
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9 PL8 – IPO vs Today 1 31 October 2025 unless otherwise stated 2 Source: Values for ‘IPO’ and ‘Today’ calculated as total expenses excluding management fees and income tax expense from FY2018 and FY2025 annual reports respectively, divided by average monthly net assets for each respective financial year. Category IPO (5 May 2017) Today1 Net Assets $326m $891m Number of Shareholders 5,618 13,238 A nnual running costs2 0.18% 0.11% For personal use only
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10 Formal Business Mr Jonathan TrollipFor personal use only
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11 Formal Business Financial statements and reports Consideration of financial statements and reportsFor personal use only
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12 Formal Business Resolution 1 Adoption of the Remuneration Report To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That the Remuneration Report of the Company for the financial year ended 30 June 2025 be adopted”For personal use only
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13 Formal Business Shares Voted For 11,314,553 80.51% Open 1,537,664 10.94% Against 1,201,605 8.55% Abstain 318,609 Resolution 1 - proxies For personal use only
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14 Formal Business Resolution 2 Re-election of Chris Meyer as a director To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Mr Chris Meyer, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and, being eligible, offers himself for re-election, be re-elected as a director of the Company” For personal use only
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15 Formal Business Shares Voted For 13,815,412 88.09% Open 1,691,109 10.78% Against 176,622 1.13% Abstain 323,068 Resolution 2 - proxies For personal use only
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16 Formal Business Resolution 3 Re-election of Lorraine Berends as a director To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Ms Lorraine Berends, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and, being eligible, offers herself for re-election, be re-elected as a director of the Company” For personal use only
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17 Formal Business Shares Voted For 13,650,626 87.56% Open 1,691,109 10.85% A gainst 247,705 1.59% Abstain 416,771 Resolution 3 - proxies For personal use only
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18 Investment Manager Update Dr Don HamsonFor personal use only
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19 PL8 delivering high income *to 31 October 2025, Plato, Bloomberg 12 month realised yield* CASH 3.3 5.0 FRANKING 1.0 2.2 For personal use only
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20 Chart of Plato Income Performance – to 31 Oct 2023 Plato Aust. Shares Income Fund v S&P/ ASX200 Accumulation Series (incl. Franking Credits) Indexed to $100k since inception Source: Plato, Bloomberg. Franking credits have been valued from the perspective of a tax-exempt investor. Past performance is not a reliable indicator of future performance. For personal use only
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21 Results season August 2025 - Dividends • Over $34bn in dividends have been declared. • New dividends from Regis and Gusman and Gomez. • Special dividends: Nine Entertainment, JB Hi-fi, Super Retail, Qantas, Helia. • Strong dividend increases: – Hub24 (64%), QBE Insurance (29%) and Magellan (31%) in financials. – Beach Energy (200%), Evolution (160%) and Northern Star (20%) in resources. – Other: Monadelphous (18%), Seek (38%) and REA (35%) • 1 company in ASX200 (Nickel Industries) omitted their dividend. • Dividend Cuts in resources: Fortescue (33%), BHP (16%) and Rio Tinto (15%). • Dividend Cuts in Energy: Woodside (20%), Ampol (33%) and Viva Energy (58%). • Other Dividend Cuts: Woolworths (21%), Dominoes (57%) and AGL (29%). • 64% of companies increased dividends, 15% had flat dividend and 21% reduced dividends. DIVIDENDS FALLING IN RESOURCES BUT POSITIVE ELSEWHERE Source: Plato, Bloomberg, S&P/ASX 200* Plato estimates 26.3% 5.6% -2.2% AUG 2025 CHANGE IN DIVIDENDS PCP Average Median $ Value For personal use only
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22 Reporting Season Analysis WESTPAC Source: Plato • Decent result, FY25 NPAT of $6,916m, down 1% vs FY24, slightly above market expectations due to lower bad debts. • Interim Dividend 77c vs 76c in pcp, up 1%. Equates to 5.7% annual gross yield after recent good performance. • Payout Ratio 75% of FY25 Earnings. • 2H Core Net Interest Margin rose 2bps over the half. CET1 Capital Ratio = 12.5% (increase of 0.3%, sold RAMS mortgage portfolio) • Credit impairment charge of 5bps was highlight. For personal use only
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23 Reporting Season Analysis CBA Source: Plato For personal use only
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24 JB HI-FI Source: Plato • 1H FY25 sales up 10.0%, EPS up 5.4%, marginally above expectations. Driven by higher sales in all divisions. • Final Dividend 105c + 100c Special Dividend vs 103c +80c last year (up 12%). Equates to 4.6% annual gross yield (incl. special). 65% payout ratio (of regular divs) increasing to 70-80% from FY26. • July sales grew strongly as consumer was strong in certain categories: – JB Aust : up 6.1% vs pcp. – JB NZ : up 38.1% vs pcp. – The Good Guys: up 4.2% vs pcp. • CEO transition, as COO, Nick Wells will replace Terry Smart in Oct-25. g Reporting Season Analysis For personal use only
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25 Dividend outlook within normal range AVERAGE % CHANCE OF DIVIDEND CUTS FOR AUSTRALIAN MARKET Source: Plato, based on MSCI World IMI (Australian portion) For personal use only
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26 Conclusion – Cautiously Optimistic Caution: Tariffs are impacting global trade and confidence but impacts on Australia are relatively small Optimism: Dividends have fallen but are still strong – Plato dividend cut model back to average – Active fund management critical in delivering income, total return & avoiding dividend traps For personal use only
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27 Questions Mr Jonathan Trollip Dr Don HamsonFor personal use only
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28 Disclaimer Note: Past performance is not a reliable indicator of future performance. Plato Investment Management Limited AFSL 504616 ABN 77 120 730 136 (‘Plato’), is the investment manager of Plato Income Maximiser Limited ABN 63 616 746 215 (‘PL8’). While PL8 and Plato believe the information contained in this communication is based on reliable information, no warranty is given as to its accuracy and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under relevant law, PL8 and Plato disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. Any opinions and forecasts reflect the judgement and assumptions of PL8, Plato and their representatives on the basis of information at the date of publication and may later change without notice. Disclosure contained in this communication is for general information only and was prepared for multiple distribution. The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. The information in this communication has been prepared without taking account of any person’s objectives, financial situation or needs. Unless otherwise specified, all amounts are in Australian Dollars (AUD). Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display or reproduction in whole or in part of the information contained in this communications is prohibited without obtaining prior written permission from PL8 and Plato.For personal use only
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29 Thank you for joining us for our AGM PL8 shareholder enquiries For general information about your shareholding please contact the Share Registry Automic: T: 1300 288 664 E: hello@automicgroup.com.au For investment enquiries please contact Pinnacle T: 1300 010 311 E: invest@plato.com.au For personal use only